MOL Group has released its financial results for 2024, reporting a 23% decrease in profit before tax compared to the previous year, primarily due to external market conditions.
CEO Zsolt Hernadi acknowledged the challenges of 2024, citing the ongoing Ukrainian-Russian war, supply security concerns, regulatory changes, and government taxes as key factors affecting operations. Despite these hurdles, he emphasized MOL’s stability, strategic investments, and progress in supply security.
Key achievements in 2024 included the diversification of crude sources, the inauguration of the largest green hydrogen plant in the region, and the completion of a €1.3 billion polyol complex in Tiszaújváros. MOL also expanded its green electricity production, growing its solar energy capacity in Hungary. Additionally, the company strengthened its Upstream segment through international partnerships, celebrated a new oil discovery, and achieved record production in Vecsés.
Looking ahead to 2025, Hernadi expects continued uncertainty but remains confident in MOL’s ability to navigate market fluctuations. He stressed the importance of addressing Europe’s competitive challenges in the energy transition while maintaining supply security and focusing on efficient, profitable investments.
MOL’s downstream business largely met its strategic goals in 2024, though weaker refining margins and maintenance shutdowns affected performance. In Q4, refining and marketing (R&M) volumes grew, but EBITDA was pressured by refining margins. Petrochemicals EBITDA remained negative due to weak demand and lower output. Despite declining fuel demand in key markets, full-year fuel product sales increased by 5%.
The Upstream segment continued to support MOL’s financial performance. Despite a 7% quarter-on-quarter drop in oil prices, the company benefited from favorable pricing conditions and increased production. Hungary’s production targets were met without additional royalty charges, and Q4 hydrocarbon production reached 94.8 million barrels of oil per day, aligning with guidance.
MOL’s Gas Midstream segment maintained stable performance year-on-year. While higher transmission activity offset foreign exchange effects, regulated income declined slightly due to adjustments in volume-driven tariffs. Inflation and FX fluctuations led to higher operating expenses, despite lower gas prices and consumption costs.
As MOL moves into 2025, the company remains committed to strengthening its portfolio, advancing green energy projects, and ensuring long-term resilience in an evolving energy landscape.
